New Hampshire and Florida Advance Bills to Establish Bitcoin Reserves

The New Hampshire House of Representatives and Florida's Banking Committee have advanced bills allowing their states to establish reserves in Bitcoin.

American lawmakers appear to be steadily warming up to the idea of state-level Bitcoin reserves.

See Today's Best Crypto Deals

New Hampshire: Fourth State House to Approve Bitcoin Reserve Bill

The New Hampshire House of Representatives has approved a bill that would allow the state treasurer to allocate up to 10% of the general fund and other approved funds to precious metals like gold and select digital assets. The bill, HB302, passed on April 10 and now heads to the Senate.

Only cryptocurrencies with a market capitalization above $500 billion would qualify, which currently includes only Bitcoin.

Democratic Representative Terry Spahr argued against the bill, stating that it's not needed and could endanger the security of state digital asset reserves. Republican Representative Jordan Ulery countered that the bill could generate substantial returns for the state.

In March, Arizona became the third state to push through a Bitcoin reserve bill from one chamber, with both SB1373 and SB1025 advancing in the Senate.

Texas and Oklahoma are the other two states where proposals to allow state-level Bitcoin reserves have passed one chamber of the legislature.

New Hampshire is also reviewing two other blockchain-related bills: HB310 on stablecoins and tokenization of real assets, which was approved by the House and sent to the Senate, and HB639 on blockchain regulation and dispute resolution, which is still pending in the House.

Florida Lawmakers Approve Bill Permitting State Bitcoin Reserves

Members of Florida's House Insurance and Banking Subcommittee have unanimously approved the Bitcoin reserve bill, HB487, on April 10. The bill must pass three more committees before reaching the full House.

Similar to New Hampshire's proposal, HB487 would empower Florida's Chief Financial Officer and State Management Board to invest up to 10% of certain state funds — such as the General Revenue Fund and Budget Stabilization Fund — in Bitcoin.

Republican sponsor Webster Barnaby urged support for this "important bill," highlighting its potential to position Florida at the forefront of innovative technology.

"We're talking about investing a small portion of the state's funds in the world's leading cryptocurrency," Barnaby explained. "This bill provides options for direct investment in digital assets through qualified custodians or exchange-traded products, along with security and storage requirements."

Despite the varying opinions on cryptocurrency, members of the subcommittee expressed interest in exploring new avenues for generating returns on state funds.

"We're always looking for ways to diversify and maximize investment opportunities for the state's funds," said Democratic Representative Linda Monيه. "This bill provides a framework for doing so in a responsible manner."

The bill now proceeds to the Appropriations and Economic Development committees.

U.S. State Efforts to Diversify Reserves With Bitcoin

As more U.S. states consider Bitcoin as a strategic asset for diversifying their reserves, ongoing discussions center around the volatility risks versus the long-term growth potential.

The отмечена активности in the second quarter of 2024 showcases Bitcoin's increasing legitimacy as an asset class that could contribute to official financial reserves.

Earlier this year, the U.S. Congress also began exploring the possibility of allowing the government to hold a portion of its reserves in Bitcoin.